Interest-bearing transactions: A punishable offence

  1. By Nasir Mahmood

“O Believers fear Allah and give up that interest which is still due to you, if you are true Believers; but if you do not do so, then you are warned of the declaration of war against you by Allah and His Messenger. If however, you repent even now (and forego interest), you are entitled to your principal; do no wrong, and no wrong will be done to you.” (2:278, 279)

This verse was revealed after the conquest of Makkah. Although interest was considered objectionable earlier, it had not been legally prohibited. After the revelation of this verse interest-bearing transactions became a punishable offence within the realm of Islam. The Prophet (peace be upon him) warned the Arab tribes through his officials that war would be declared against them if they did not give up interest-bearing transactions. It was specified, for instance, in the agreement under which the Christians of Najran were granted internal autonomy under the suzerainty of the Islamic state, that if they continued to use interest, the agreement with them would be considered void and their action an act of belligerency. On the basis of the last words of the verse, Ibn ‘Abbas, Hasan al-Baari, Ibn Sirin and Rabi’ ibn Anas are of the view that anyone who takes interest within the boundaries of the Islamic State (Dar al-Islam) should be pressed to repudiate the transaction and recant and, if he persists, should be put to death. Others consider it sufficient to imprison such people and keep them in prison until they pledge to give up taking interest.

With reference to the above quotations Hashmat Habib President Tehreek e Tahafuz e Adlia said; Quran and Sunnah is supreme laws of Pakistan but the rulers are adopting western rules of Govt and interest based economy which is strongly condemned. Although time is running swiftly towards disaster but there are chances of revival. International loans and circular debts can be cleared by one judgment of Federal Shariah Court on Riba otherwise judiciary is also a party to it.

Hashmat Habib warned that FSC judgment will give a way to reschedule loans interest free otherwise you have no time to wait for wrath of Allah. Our survival & prosperity lays in rule of Islamic laws not in any other systems practice by humans.

Hashmat Habib said if we will not take U-turn and enforce interest free economy and Islamic principles of governance we will completely become slaves to International conspirators such as IMF and World Bank etc.

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